How to Track and Manage GST in Your Business

For New Zealand businesses, tracking and managing GST is vital for compliance. Here’s how to keep it simple and stress-free.

Keep Digital Records

Using software to record GST on each transaction reduces manual errors and helps with reporting.

Separate GST Funds

Set aside the GST collected in a separate account. This ensures you have the funds ready for when GST is due.

Monitor Sales and Expenses Regularly

Regularly tracking sales and GST-related expenses keeps you prepared for filing.